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Thursday, March 27, 2008

Romanian Building Permits February 2008

The Romanian government issued 4,096 homebuilding permits last month, compared with 3,169 in February 2007, which was a year on year increase of 29.3 percent, according to data released this morning by the National Statistics Institute (INSSE).

Rising wages, which increased an annual 31 percent in January, and consumer lending, which saw private debt grow more than 60 percent over the same period, have been significant factors in fuelling construction in Romania, as have remittances sent back from the large number of Romanian migrants working in Spain and Italy.

In January, the value of construction works rose by an annual 30 percent, spurred by an increase in government-sponsored engineering works and more commercial real estate development as foreign companies entered the country according to INSSE:

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